Personal loans hit N2.06trn as Nigerians borrow to cope with rising costs

Personal loans obtained by Nigerians rose to an estimated N2.06 trillion in May 2026, representing nearly two-thirds of total consumer credit, according to the Central Bank of Nigeria's latest Economic Report. The increase reflects heightened household borrowing amid persistent cost pressures and weak consumer spending. Total consumer credit outstanding also increased by 1.60 percent.

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